South Korea's current long-term care landscape remains fragmented and overly focused on price, according to RGA Korea CEO Michael Shin.
Moody's Ratings has stated that it maintains a stable outlook for South Korea's life insurance sector.
The combined net profit of domestic insurance companies fell 14.5% to KRW12.2tn ($8.3bn) in 2025.
The merger of Tongyang Life and ABL Life has gained momentum, a move that will create South Korea's fifth largest life insurer.
The insurance industry is set to introduce a free 'mutual growth' insurance product for local small business owners and vulnerable groups across six regional governments --Gyeongnam, Gyeongbuk, Gwangju, Jeonnam, Jeju and Chungbuk -- by the third quarter of this year.
The South Korean financial services regulator's new consumer protection advisory committee will introduce veto rights for the chief consumer officers (CCOs) on insurers' product review committees.
The Ministry of Climate, Energy and Environment is introducing a policy-based insurance scheme, Electric Vehicle Fire Safety Insurance, to compensate for third-party damage caused by electric vehicle (EV) fires.
AIA Life Insurance Korea has secured a nine-month exclusive usage right from the Life Insurance Association of Korea for its new rider designed to cover cancer treatments based on advanced medical technologies.
South Korean insurers will invest a total of KRW8tn ($5.6bn) in the National Growth Fund over the next five years. The industry will also provide KRW40tn to productive finance initiatives, an increase of KRW3.2tn from the commitment made earlier in January.
The Financial Services Commission (FSC) will establish a joint taskforce to monitor the ongoing armed conflict in the Middle East. This initiative aims to facilitate real-time information sharing among relevant authorities and maintain a 24-hour watch on evolving market conditions.